All four units of this property include two-bedroom, one-bathroom units that incorporates approximately 812 square feet each (3,248 square feet). All four units are rented for $900 per month, because there have been no significant upgrades, and the seller has not pushed rents accordingly. Consequently, the purchaser would be expected to upgrade/update the entire property to put the property condition to a certain level that would generate market rents. That renovation would require the purchaser to vacate the property to complete the necessary property improvement. According to the statewide rent control adopted in 2021, the new owner would be required to pay each tenant vacated a relocation assistance fee of at least one-month rent amount. Once the property is upgraded, the new rents are projected to be at least $2,200, or 145% higher than the existing rents.
All four units of this property include two-bedroom, one-bathroom units that incorporates approximately 812 square feet each (3,248 square feet). All four units are rented for $900 per month, because there have been no significant upgrades, and the seller has not pushed rents accordingly. Consequently, the purchaser would be expected to upgrade/update the entire property to put the property condition to a certain level that would generate market rents. That renovation would require the purchaser to vacate the property to complete the necessary property improvement. According to the statewide rent control adopted in 2021, the new owner would be required to pay each tenant vacated a relocation assistance fee of at least one-month rent amount. Once the property is upgraded, the new rents are projected to be at least $2,200, or 145% higher than the existing rents.